Public Statements

Full Faith and Credit Act

Floor Speech

Mr. McCLINTOCK. Mr. Speaker, yesterday, the President vowed to veto the Full Faith and Credit Act, charging that it would ``result in Congress refusing to pay obligations it has already agreed to.''

I challenge the President to name one Member of Congress who has ever suggested that this is an acceptable substitute for not paying our other bills. His reliance on this falsehood is a measure of the bankruptcy of his argument.

Delaying payments on our other obligations would do enormous damage. But one thing could do even more damage, and that is the threat of defaulting on our sovereign debt. H.R. 807 takes that threat off the table and assures credit markets that their investments in the United States are absolutely guaranteed, no matter what political storms are raging in Washington.

One would think that a President who has run up more debt than almost all of his predecessors combined would understand the importance of guaranteeing the credit that supports that debt.